Those with a traditional retirement savings plan are required by the IRS to take RMDs and pay taxes on them every year once you reach the age of 70½. Since the penalty for missing your RMD deadline can be severe, we thought a quick explanation of the important dates to know would be helpful to help you avoid any penalties:
The IRS generally requires all retirees to begin withdrawing RMDs the year you reach the age of 72. The deadlines are as follows:
Keep in mind that if you delay your first distribution to April 1, there may be additional tax implications so if you have any questions regarding your RMD deadline based on your birthdate, we’d be happy to review it with you.
All the best,
RMD dates you need to know
October 15, 2020|